VANCOUVER, Nov. 28, 2012 /PRNewswire/ - Corvus Gold Inc. ("Corvus" or the "Company") - (TSX: KOR, OTCQX: CORVF) announces the latest assays from the first hole of the 2012 Phase II Yellow Jacket drill program at the North Bullfrog Project, Nevada. The four hole program was designed to further identify and delineate the bonanza grade feeder system identified earlier in 2012 in hole NB-12-138 which returned 72.4 metres @ 1.74 g/t gold and 98.7 g/t silver including 4.3 metres @ 20 g/t gold and 1,519 g/t silver.

The Yellow Jacket high-grade, fault controlled, gold and silver mineralization has been encountered over a strike length of approximately 700 metres and remains open. 3D IP imaging has highlighted a number of other structural zones with high-grade potential. Aggressive follow-up drilling at several other targets is expected to commence early 2013.

During the most recent program, which commenced in early October, 780 metres of core were drilled in four holes. Three of the four holes hit significant vein mineralization, which remains open to the north and at depth. All vein intersections to date are within 150 metres of the surface (which could represent open pit mining depths) with quartz veins widening at depth (Figure 2) and have not been included in the current North Area resource. The silver to gold ratio of holes NB-12-138 & NB-12-183 is distinctly higher than that of the overall North Bullfrog resource estimate and could represent a major new silver discovery in the district which could benefit the overall project financing. Assays for the remainder of hole NB-12-183 and the other three holes are pending at this time.

Jeff Pontius, Corvus CEO stated: "As we continue with the planned development of the South area Mayflower deposit targeting gold production in late 2014, these new high-grade gold and silver intercepts in the North area open the door for a very exciting new Nevada high-grade discovery. The recent intercepts confirming and extending the spectacular mineralization found in hole NB-12-138 along with the substantial quartz vein thicknesses in the following three holes are giving shape to a significant new discovery that could dramatically change both the North Bullfrog project and the overall Corvus story."

Yellow Jacket Vein System

The Yellow Jacket vein system represents a completely blind discovery of a previously unrecognized style of mineralization in the North Bullfrog District (Figure 1). Prior drilling in this area was focussed to the east in an area of historic prospect pits along the Liberator and Yellow Jacket Faults with RC hole NB-10-63 intersecting 10.7 metres @ 7.5 g/t gold and 6.5 g/t silver and core hole NB-12-126 intersecting 11.4 metres @ 4.9 g/t gold and 7.0 g/t silver. Core hole NB-12-127 (7.7 metres @ 2.4 g/t gold and 11.31 g/t silver) was designed to follow up on an interesting intersection in RC hole NB-11-91 (9.1 metres @ 2.07 g/t gold and 2.32 g/t silver) which was the first time quartz vein related mineralization was encountered.

These results were used to target the hotter boiling zone part of the quartz vein system which led to the Yellow Jacket discovery in hole NB-12-138 (72.4 metres @ 1.74 g/t gold and 98.7 g/t silver including 4.3 metres @ 20 g/t gold and 1,519 g/t silver). Structural analysis based on oriented core indicates that the mineralization in NB-12-138 is controlled by the intersection of the Blind and Mai Faults (Figure 1). Holes NB-12-183 and NB-12-184 were designed to drill perpendicular to the plunge of that intersection (Figure 2) and successfully hit the target which appears to have an expanding vein system at depth.